1
QUARTERLY REPORT
TUTTLE CAPITAL CONCENTRATED MEMORY STACK ETF
Schedule of InvestmentsJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
97.27% |
|
COMMON STOCKS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.09% |
|
ISRAEL |
|
|
|
|
|
|
|
|
Camtek Ltd.(A) |
|
10,527 |
|
$1,394,406 |
|
|
|
|
Nova Ltd.(A) |
|
2,662 |
|
1,040,496 |
|
|
|
|
|
|
|
|
2,434,902 |
|
|
|
|
|
|
|
|
|
|
|
19.12% |
|
JAPAN |
|
|
|
|
|
|
|
|
Advantest Corp. |
|
13,552 |
|
2,678,824 |
|
|
|
|
Disco Corp. |
|
21,780 |
|
777,546 |
|
|
|
|
Kioxia Holdings Corp.(A) |
|
33,779 |
|
939,056 |
|
|
|
|
Tokyo Electron Ltd. |
|
4,356 |
|
729,064 |
|
|
|
|
|
|
|
|
5,124,490 |
|
|
|
|
|
|
|
|
|
|
|
4.77% |
|
KOREA |
|
|
|
|
|
|
|
|
SK hynix, Inc.(A) |
|
8,890 |
|
1,277,760 |
|
|
|
|
|
|
|
|
|
|
|
5.19% |
|
NETHERLANDS |
|
|
|
|
|
|
|
|
ASML Holding NV |
|
854 |
|
1,391,166 |
|
|
|
|
|
|
|
|
|
|
|
4.12% |
|
TAIWAN |
|
|
|
|
|
|
|
|
Silicon Motion Technology Corp. |
|
4,356 |
|
1,104,682 |
|
|
|
|
|
|
|
|
|
|
|
54.98% |
|
UNITED STATES |
|
|
|
|
|
|
|
|
Amkor Technology, Inc. |
|
22,062 |
|
1,100,232 |
|
|
|
|
Applied Materials, Inc. |
|
2,428 |
|
1,232,623 |
|
|
|
|
Everspin Technologies, Inc.(A) |
|
11,495 |
|
167,022 |
|
|
|
|
FormFactor, Inc.(A) |
|
4,840 |
|
514,008 |
|
|
|
|
KLA Corp. |
|
6,050 |
|
1,106,061 |
|
|
|
|
Lam Research Corp. |
|
4,228 |
|
1,238,889 |
|
|
|
|
Micron Technology, Inc. |
|
2,783 |
|
2,290,492 |
|
|
|
|
Onto Innovation, Inc.(A) |
|
6,113 |
|
1,580,700 |
|
|
|
|
Penguin Solutions, Inc.(A) |
|
31,702 |
|
1,668,476 |
|
|
|
|
Rambus, Inc.(A) |
|
12,342 |
|
1,123,492 |
|
|
|
|
Sandisk Corp.(A) |
|
847 |
|
1,028,961 |
|
2
QUARTERLY REPORT
TUTTLE CAPITAL CONCENTRATED MEMORY STACK ETF
Schedule of Investments - continuedJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
|
|
Seagate Technology Holdings plc |
|
363 |
|
$310,775 |
|
|
|
|
Veeco Instruments, Inc.(A) |
|
15,609 |
|
780,450 |
|
|
|
|
Western Digital Corp. |
|
1,089 |
|
593,331 |
|
|
|
|
|
|
|
|
14,735,512 |
|
|
|
|
|
|
|
|
|
|
|
97.27% |
|
TOTAL COMMON STOCKS |
|
$26,068,512 |
|
||
|
|
|
(Cost: $34,177,106) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.82% |
|
MONEY MARKET FUND |
|
|
|
|
|
|
|
|
First American Money Market Funds- Institutional Class 3.583%(B) |
|
755,008 |
|
755,008 |
|
|
|
|
(Cost: $755,008) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.09% |
|
TOTAL INVESTMENTS |
|
26,823,520 |
|
||
|
|
|
(Cost: $34,932,114) |
|
|
|
|
|
|
(0.09% |
) |
Liabilities in excess of other assets |
|
(23,474) |
|
||
|
100.00% |
|
NET ASSETS |
|
$26,800,046 |
|
||
(A)Non-income producing.
(B)Effective 7 day yield as of July 31, 2026.
3
QUARTERLY REPORT
TUTTLE CAPITAL CONCENTRATED MEMORY STACK ETF
Schedule of Investments - continuedJuly 31, 2026 (unaudited)
In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following summarizes the inputs used to value the Fund’s investments as of July 31, 2026:
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
|
|
|
|
Quoted Prices |
|
Other Significant Observable Inputs |
|
Significant Unobservable Inputs |
|
Total |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$26,068,512 |
|
$— |
|
$— |
|
$26,068,512 |
|
|
Money Market Fund |
|
755,008 |
|
— |
|
— |
|
755,008 |
|
|
|
|
$26,823,520 |
|
$— |
|
$— |
|
$26,823,520 |
|
The cost of investments for Federal income tax purposes has been estimated a/o July 31, 2026, since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purposes is $34,932,114, and the related net unrealized appreciation (depreciation) consists of:
|
|
Gross unrealized appreciation |
|
$113,023 |
|
|
|
Gross unrealized depreciation |
|
(8,221,617 |
) |
|
|
Net unrealized appreciation (depreciation) |
|
$(8,108,594 |
) |